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Bedford NY Realtor

Closed Median Sale Price in Hudson Valley/NYC Markets Declined by 2.50% in October | Bedford Real Estate

NEW YORK—OneKey MLS reported a 2.50% decrease in the closed median residential sale price between September and October 2022 in its nine-county Hudson Valley/New York City regional market area.

For October 2022, OneKey MLS reported a regional closed median sale price of $585,000, representing a 2.50% decrease as compared to the reported $599,999 in September 2022.

Between September and October 2022, closed regional sales transactions, including residential, condo, and co-op sales, decreased to 4,762 from 5,330, representing a 10.70% month-over-month decline.

Six of nine counties reported a decreased closed median sale price in a month-over-month comparison, while two counties reported an increased median price, and one reported no change. The following counties reported decreases in their closed median sale price: Rockland ($532,500, -14.10%), Sullivan ($252,000, -6.50%), Westchester ($620,000, -4.00%), Nassau ($675,000, -3.60%), Bronx ($585,000, -1.70%), and Orange ($385,000, -1.30%)

Putnam ($482,450, +5.10%) and Queens ($690,000, +1.50%) reported an increased closed median sale price, while Suffolk County ($550,000, 0.00%) reported no change.

Pending sales for the Hudson Valley region totaled 1,600 as compared to 2,200 at the same time last year, a decrease of 27.3%. Sales were down in all Hudson Valley counties and in the Bronx. Westchester saw a 20.20% decrease in home sales in October as compared to October 2021; Putnam County posted an 18.50% decrease; Orange County closed sales were down 15.40%; Rockland County’s closed home sales activity fell 38.60% and Sullivan County registered a 13% decline in closed sales. The Bronx saw a 14.50% decline in closed residential home sales last month.

Long Island Market

The October 2022 closed median home price for Long Island, which includes Nassau, Suffolk, and Queens housing data recorded on OneKey MLS, was $618,250, which represents a 3.00% increase over last year’s reported median home price of $600,000.

Nassau County reported a $675,000 closed median home price in October, representing a 3.90% increase over the $650,000 closed median home price reported by the MLS last year. Suffolk County reported a closed median home price of $550,000, representing a 6.20% increase from $517,750 reported on the MLS in October 2021. Queens reported a closed median home price of $690,000, representing no change as compared to the closed median price reported on the MLS in October 2021.

The total number of available residential listings in October 2022 on the MLS was 12,164, which was down 1.00% as compared to the reported available inventory in September 2022.

Jim Speer, CEO OneKey MLS, said, “Home prices across our region are starting to decline as they’re being impacted by unpredictable market conditions. Buyers facing borrowing rates currently hovering around 7.00%, more than double the rates a year prior, are revisiting their buying choices because their purchasing power may have shifted. Gone are the days of the frenzied market.”

OneKey MLS, the largest MLS in New York, aggregates the real estate transactional data from nine counties making up the regional MLS coverage area, and reports individually on each county represented. The infographic demonstrates month-over-month closed median home price comparisons for the region.

For further detailed statistical information about residential, condo, and co-op sales transactions, please visit https://www.onekeymls.com/market-statistics

OneKey MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation’s leading Multiple Listing Services, serving more than 45,000 Realtor subscribers and 4,300 participating offices throughout Long Island, Manhattan, and the Hudson Valley.

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realestateindepth.com/news/

Rent prices continue falling | Bedford Real Estate

Rent prices in top cities are down “substantially” compared to last year — especially in San Francisco, according to Realtor.com.

City landlords are slashing rent prices to attract tenants as they lose renters to cheaper, quieter suburbs during the coronavirus pandemic. In the most dramatic cities studio rent prices fell 31% compared to last year, according to Realtor.com’s September rent prices report.

“This is likely a reflection of people with flexibility, like renters, choosing to relocate elsewhere or even possibly move in with friends and family to save money in a period of economic uncertainty, with flexibility that changes like remote work have allowed them to move elsewhere to places that are more affordable,” said Danielle Hale, chief economist at Realtor.com.

San Francisco rent prices were the hardest-hit by the pandemic as big tech companies in Silicon Valley required or allowed workers to work remotely — first during lockdowns, and then long-term, in many cases.

The median studio apartment in San Francisco is going for 31% less than it did last year, now only $2,285. One bedroom apartments cost 24.2% less than last year at only $2,873 a month (the first time they’ve ever hit under $3,000, according to Zumper, a San Francisco-based listing company). In nearby San Mateo, Santa Clara and Alameda rents dropped 9%-19%. Rents were less volatile for larger apartments, the Realtor.com study found.

But almost two hours outside San Francisco in Sacramento, rent prices are actually rising 10%-16%. Sacramento was the top out-of-metro location where Bay area renters searched for apartments year-to-date, according to Zumper’s 2020 migration report. Sacramento was also tied as the sixth most common migration destination in the country, according to Opendoor, a San Francisco-based iBuyer that operates in Sacramento and 20 other markets.

“People from the Bay area may be moving to Sacramento if they don’t have to commute into the office every day,” said Hale.

Top 10 markets with largest one-bedroom rent prices decreases. Data by Realtor.com. Graphic by Chelsea Lombardo/Yahoo Finance.
Top 10 markets with largest one-bedroom rent prices decreases. Data by Realtor.com. Graphic by Chelsea Lombardo/Yahoo Finance.

Pushing for occupancy before seasonal slowdown

Rent prices dropped significantly in major cities all across the country, plummeting up to 15% for studio apartments in places like New York City, Pittsburgh, Boston and Honolulu, and 12% in Seattle, according to Realtor.com. Rent cuts were less steep for one-bedrooms, between 7% and 12% in most cities.

“Apartment owners are pushing to get occupancy as high as possible before leasing activity suffers the seasonal slowdown that occurs during the cold weather months,” said a statement by Greg Willett, chief economist of RealPage, a Texas-based property management software company. “In some cases, they are cutting rents in an attempt to capture bigger shares of total demand.”

Meanwhile, rent rose in unlikely places such as Tulsa, Okla., which had a staggering 36% hike in studio rent increases. Rent in suburbs that many Americans have never heard of, like Hillsboro, Fla., Montgomery, Pa. and Essex, N.J., rose about 19%-29%.

“Even prior to the pandemic, there was a movement from larger metros to smaller metros…,” said Odeta Kushi, deputy chief economist for First American Financial Corporation, a California-based title insurance, settlement services and risk solutions company. “This trend has been accelerated by the pandemic as younger households look for more space and are increasingly able to work from home.”

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https://finance.yahoo.com/news/rent-prices-are-plummeting

Housing starts up 4.3% | Bedford NY Real Estate

Housing Starts Miss Expectations as Permits Rebound Strongly

Housing Starts Miss Expectations as Permits Rebound Strongly

U.S. homebuilding increased less than expected in May, but a strong rebound in permits for future home construction suggested the housing market was starting to emerge from the COVID-19 crisis along with the broader economy.

Other data on Wednesday showed applications for loans to buy a home surged to a near 11-1/2-year high last week.

The reports followed on the heels of data on Tuesday showing a record surge in retail sales in May. Employers hired a historic 2.5 million workers last month. Activity, however, remains well below pre-COVID-19 levels and economists warn it could take even a decade for the economy to fully recover from the global pandemic.

“Housing is a leading economic indicator and it is pointing the way forward but there is a limit to growth when the economy has to drag along the millions and millions of unemployed workers displaced in this pandemic recession who won’t be seeing paychecks anytime soon,” said Chris Rupkey, chief economist at MUFG in New York.

Housing starts rose 4.3% to a seasonally adjusted annual rate of 974,000 units last month, the Commerce Department said. That compared with the median forecast of 1.1 million.

Starts declined 26.4% in April and 19.0% in March. They dropped 23.2% on a year-on-year basis in May.

Single-family homebuilding, which accounts for the largest share of the housing market, edged up 0.1% to a rate of 675,000 units in May. Starts for the volatile multi-family housing segment jumped 15.0% to a pace of 299,000 units.

Homebuilding fell in the Midwest and the populous South. It rose in the West and Northeast.

Permits for future home construction rebounded 14.4% to a rate of 1.220 million units in May, reinforcing economists’ expectations that the housing market will lead the economy from the recession that started in February, driven by historically low mortgage rates.

Though the housing market accounts for about 3.3% of gross domestic product, it has a larger footprint on the economy.

separate report from the Mortgage Bankers Association on Wednesday showed applications for loans to buy a home increased 4% last week to their highest level since January 2009.

Mortgage applications have climbed back above pre-COVID-19 levels.

Signs of recovery in the housing market were underscored by a survey of Tuesday showing single-family homebuilders very upbeat in June about conditions in the industry. Builders reported increased demand for single-family homes in lower density neighborhoods.

But with nearly 20 million unemployed and a resurgence of COVID-19 infections in some parts of the country, the housing market is not out of the woods yet.

Single-family building permits increased 11.9% to a rate of 745,000 units in May. Permits for multi-family units surged 18.8% to a rate of 475,000 units.

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2020 Thomson/Reuters

This is the best day to buy a house | Bedford Real Estate

Forget about hitting the malls this holiday season. You should ideally be closing on that new home, if you’re smart.

While the holiday season is notoriously known for being slow in the real estate world, most homeowners don’t realize that closing the day after Christmas could save you some serious cash.

According to a five-year study from data firm ATTOM Data Solutions, the best day of the year to close on a home is Dec. 26 because it could save you upwards of $2,500.

The group analyzed data of more than 18 million single-family home and condo sales over the past five years to determine which days of the year offer the biggest discounts.

“People closing on a home purchase December 26 were submitting offers around Thanksgiving and starting their home search around Halloween — likely not a common path to home purchase for most buyers and exactly why it’s the best time to buy,” Daren Blomquist, senior vice president with ATTOM Data Solutions, said in a statement.

Blomquist added that buyers and investors who are willing to start their home search right as stores are setting up for holiday decorations will likely face less competition and will be dealing with more motivated sellers, giving them the upper hand in price negotiations.

But Dec. 26 isn’t the only day to save. ATTOM found that the month of December holds seven key saving days. Those days include Dec. 7, 4, 29, 1 and 8. Other prime days to close throughout the year include Oct. 12, Nov. 9 and Feb. 9.

Here are the best 10 days of the year to buy a home.

1.       Dec. 26

Estimated savings: $2,500

2.       Dec. 7

Estimated savings: $2,000

3.       Dec. 4

Estimated savings: $1,823

4.       Dec. 29

Estimated savings: $1,320

5.       Dec. 21

Estimated savings: $1,223

6.       Dec. 1

Estimated savings: $1,000

7.       Oct. 12

Estimated savings: $1,000

8.       Nov. 9

Estimated savings: $666

9.       Feb. 9

Estimated savings: $500

10.     Dec. 8

Estimated savings: $149

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https://www.foxbusiness.com/features/this-is-the-best-day-to-buy-a-house

Real estate market worried | Bedford Real Estate

Home prices in the United States have never been higher. In January, housing values eclipsed their 2006 pre-crisis peak and since then have only pushed higher, according to the Case-Shiller home price index.

The culprits are a crazy tight job market, rising wages and the fact that the homeownership rate is rising again after bottoming in 2016.

But storm clouds are gathering as the Federal Reserve pushes interest rates higher, part of its ongoing fight to keep a lid on inflation. Higher rates weigh on home affordability — and thus depress demand. Here are three growing headwinds the housing market faces:

Affordability

Thanks to the resolve of Federal Reserve chairman Jerome Powell, who is resisting President Trump’s calls for a slowdown of the rate hike pace, monetary policy continues to tighten. That’s pushing up long-term interest rates, with the 30-year Treasury yield pushing back over the 3 percent threshold recently, up from less than 2.7 percent in December and a low of 2.1 percent in the summer of 2016.

afford.png

Looking at the 30-year fixed mortgage rate, rates are at 4.5 percent right now, up from 3.8 percent last September and lows around 3.3 percent in 2012 and 2013.

As a result of rising mortgage rates and higher home prices, Gluskin Sheff economists estimate that housing affordability has crashed to lows not seen since 2008, well off the highs seen in 2011 and 2012 when a combination of lower prices and lower rates helped put an end to the housing collapse.

Sales activity

A slowdown in new home construction during the housing crisis resulted in a backlog of demand for brand-new homes. Builders have responded to consumer appetite for newly constructed homes, which has helped pushed up the average price of a new home from a low of $250,000 in late 2011 to a high of $402,900 in December, before cooling slightly.

sales.png

But now sales activity is rolling over, threatening to break the recent trend of rising activity. Sales of existing homes has flatlined over the past year.

Demographics

Millennial homeownership rates are still poor, mired as they are with student loan debt and tepid wages.

According to the Urban Institute, the homeownership rate of millennials between the ages of 25 and 34 is about 8 percent below Gen X and baby boomers at the same age. If millennial homeownership matched previous generations, there would be 3.4 million more homeowners today, they estimate.

The risk is that the longer this generation delays homeownership, the more baby boomers looking to downsize will be pressured into lowering their home prices when they enter retirement.

Indeed, a study by Fannie Mae’s Economic and Strategic Research group warns of a “mass exodus” on the horizon as the “homeownership demand from younger generations is insufficient to fill the void left by multitudes of departing older owners.”

 

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https://www.cbsnews.com/news/3-reasons-to-worry-about-the-housing-market/

Rent rose at the fastest monthly pace since 2007 | Bedford Real Estate

Rent rose at the fastest monthly pace since 2007 last month, a reminder that one of the biggest expenses for most Americans isn’t easing up.

In May, rent was 3.8% higher than a year ago, the strongest 12-month rate of increase since 2008, the Labor Department said in its consumer price index report Thursday. The monthly rise was 0.4%.
It’s not only the strongest pace of growth in many years, it’s also much higher than pay increases. Inflation-adjusted hourly wages were up 1.4% in the twelve months ending in May.

Many factors are keeping the pressure on rents. The housing market is suffering from a lack of inventory. Home builders pulled back when the bubble burst, and many homeowners are reluctant to try to sell. More people of all ages and income levels are going to rent their home rather than buy, analysts believe.

 

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http://www.marketwatch.com/story/rent-rose-at-the-fastest-pace-in-more-than-9-years-in-may-2016-06-16?siteid=bnbh

Move up Buyers Move the Housing Markets | Bedford Real Estate

Move up Buyers Move the Housing Markets

Purchases by current homeowners helped bolster home prices in August, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

“Current homeowner purchases are supporting the housing market,” said Tom Popik, research director for Campbell Surveys. “Metrics such as the sales-to-list price ratio show a strong housing market, particularly in western states. Nonetheless, forward-looking commentary from real estate agents may indicate some softening in the future.”

The market share for current homebuyers surged in the summer while the first-time homebuyer share declined. Current homeowners accounted for 49.3% of purchases in August, based on a three-month moving average after hitting a 12-month low of 44.9% in March.

The first-time homebuyer share was 38.3% in May – a level not seen since 2010. But higher home prices and seasonal patterns combined to push the first-time buyer share down to 36.4% in August. The investor share of home purchases has also fallen from 18.7% in March to 14.4% in August. NAR’s Realtor Confidence Index reported a 32 percent share for first-timers in August, up from 28 percent in July.

2015-09-25_10-10-31Source: NAR’s Realtor Confidence Report, August 2015

The sales-to-list price ratio for non-distressed properties declined modestly in August (to 98.3%) compared with the previous month (98.5%) but remained above the level seen in August 2014 (97.5%). All three states on the west coast maintained sales-to-list price ratios above 100% in August, led by California at 102.2%.

The median existing–home price for all housing types in August was $228,700, which is 4.7 percent above August 2014 ($218,400). August’s price increase marks the 42nd consecutive month of year–over–year gains.

The average time on market for non-distressed properties continued to decline in August, hitting 7.9 weeks compared with an average of 8.2 weeks the previous month and 8.6 weeks in August 2014. Non-distressed properties sold in the Pacific Northwest in August were on the market for an average of 4.5 weeks. NAR reported that properties typically stayed on the market for 47 days in August, an increase from 42 days in July but below the 53 days in August 2014. Forty percent of homes sold in August were on the market for less than a month.

Meanwhile, the proportion of distressed properties started to level off. Real estate owned properties and short sales accounted for 16.6% of sales in August compared with a 16.8% share the previous month. In August 2014, distressed properties accounted for 21.7% of home sales.

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http://www.realestateeconomywatch.com/2015/09/move-up-buyers-move-the-housing-markets/

U.S. Housing Markets Strengthen | Bedford NY Real Estate

Freddia Mac today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize with the strongest markets realizing the greatest benefits from a spring homebuying season in full swing.

The national MiMi value stands at 78.7, indicating a weak housing market overall but showing an improvement (+0.14%) from March to April and a three-month improvement of (+2.10%). On a year-over-year basis, the national MiMi value has improved (+3.57%). Since its all-time low in October 2010, the national MiMi has rebounded 33 percent, but it’s still significantly off from its high of 121.7.

News Facts:

  • Twenty-six of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (97.8), North Dakota (96.3), Montana (92), Hawaii (91), and Alaska (87.4) ranking in the top five.
  • Thirty-five of the 100 metro areas have MiMi values in a stable range, with Fresno (94.8), Honolulu (92.3), Austin (92.1), Los Angeles (89.1) and Salt Lake City, TX (88.9) ranking in the top five.
  • The most improving states month-over-month were Washington (+1.49%), Indiana (+1.32%), Tennessee (+1.03%), Oregon (+0.83%) and Mississippi (+0.82%). On a year-over-year basis, the most improving states were Florida (+10.89%), Nevada (+10.55%), Oregon (10.29%), Colorado (+8.72%), and Michigan (+8.31%).
  • The most improving metro areas month-over-month were Palm Bay, FL (+1.51%), Portland, OR (+1.32%), Indianapolis, IN (+1.22%), Oxnard, CA (+1.22%) and Lakeland, FL (+1.99%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+12.6%), Palm Bay, FL (+12.14%), Miami, FL (+11.97%), Cape Coral, FL (+10.73%), and Las Vegas, NV (+11.54%).
  • In April, 43 of the 50 states and 92 of the 100 metros were showing an improving three month trend. The same time last year, all 50 states plus the District of Columbia, and 99 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“We saw a significant improvement in housing markets nationwide, with ten more metro areas and nine more states moving within range of their benchmark, stable level of housing activity. The West and Southwest areas of the country continue to lead the way, especially Colorado, Oregon and Utah, and California is right there as well. Unlike a year ago, when the most improving markets were those hardest hit by the Great Recession, we’re now seeing stable markets among the most improving as well. So the strong housing markets are getting stronger, which reflects the better employment picture, rising home values and increased purchase activity in these markets with the spring homebuying season in full swing.”

The 2015 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

Pending Existing Homes Sales Reaches Nine-Year High | Bedford Real Estate

The NAR Pending Home Sales Index increased for the fourth straight month in April to a level 14% above April of 2014.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts produced by the National Association of Realtors (NAR), increased 3.4% in April to 112.4, up from an upwardly revised 108.7 in March. The PHSI increased year-over-year for the eighth consecutive month and reached its highest level since May 2006.

pending sales_apr15

Regionally, the April PHSI increased 2.3% in the South and 0.1% in the West. The index rebounded in the Northeast by 10.1% after declines in prior months. The PHSI was up 5% in April for the Midwest.

 

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http://eyeonhousing.org/2015/05/

#FoxLane High School Ranks Among New York’s Best | #Bedford Real Estate

John Jay and Fox Lane high schools have been ranked among the best in New York State in rankings by U.S. News & World Report released Tuesday.

JJHS was ranked 35th in the state, good for 10th-best in Westchester County.

John Jay’s student population of 1,189 exceeded the state average in all of the surveys major metrics, which included: College readiness, mathematics proficiency and English proficiency. The school also boasts an Advanced Placement participation rate of 78 percent.

FLHS was ranked 46th in the state, good for 14th-best in Westchester County.

Fox Lane’s student population of 1,394 met or exceeded the state average in all of the surveys major metrics, which included: College readiness, mathematics proficiency and English proficiency. The school also boasts an Advanced Placement participation rate of 64 percent.

Several other high schools in Westchester County were ranked in the top 50 in the state, including:

  • Blind Brook (No. 9)
  • Rye (No. 11)
  • Yonkers Middle/High School (No. 18)
  • Hastings (No. 24)
  • Horace Greeley (No. 25)
  • Byram Hills (No. 27)
  • Edgemont (No. 29)
  • Briarcliff (No. 31)
  • Irvington (No. 32)
  • John Jay (No. 35)
  • Pleasantville (No. 36)
  • Ardsley (No. 43)
  • Rye Neck (No. 39)
  • North Salem (No. 49)

The top ranked high school in New York was The High School of American Studies in the Bronx.

 

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http://mtkisco.dailyvoice.com/schools/fox-lane-high-school-ranks-among-new-yorks-best